Singapore: MPA offers funds for LNG-fueled vessels

Maritime and Port Authority of Singapore has taken another step toward the eventual launch of the LNG Bunkering Pilot Programme targeted for early 2017.

The Port of Singapore invited interested companies to tap on a S$12 million fund, from the MPA’s “Maritime Innovation & Technology Fund”, for the building of LNG-fueled vessels. The MPA will provide funding of up to S$2 million per vessel, capped at two funding applications per company, the authority’s statement reveals.

MPA does, however, require the interested companies to be incorporated in Singapore, and the funded vessels must be flagged under the Singapore Registry or licensed for activity in Port of Singapore for a period of at least five years.

In July, MPA announced its Request for Proposal for interested parties to apply for the LNG bunker supplier licence that would allow the licensee to supply LNG bunkers to vessels in the Port of Singapore.

In 2014, Singapore’s bunker industry recorded more than 42 million tonnes in bunkers sales volumes.

[mappress mapid=”17762″]

Image: MPA